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Accounting and Financial Planning for Law FirmsFeaturesLaw Firm FinancialsLaw Firm ManagementTechnology Media and Telecom

Financial Strategies that Improve Security and Optimize Your Technology Spend

By Mike Henderson, Whitney Jones, and Bill Pitcairn
March 01, 2023

The economic outlook for firms in 2023 is challenging. Law firm overhead expenses have risen to their highest levels in over 15 years, demand growth is slowing, and for the first time, the annual average rate of inflation (5.0%) is exceeding the average worked rate increase across the market (4.8%) and clients, feeling their own inflationary pressures, may be challenging invoices more frequently and aggressively or simply slowing down their payment cycles.

On top of this, overhead expenses have increased by 10.9%, the highest level since 2008. In an environment where revenue generation is slowing, such an expansion in expenses is alarming should it continue. While the largest portions of overhead expenses are attributable to support staff compensation and occupancy, growth in technology expenses remain in firms' top five greatest areas of growth in overhead.

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